February 4: Market Summary
Stocks hit record as U.S. jobless claims fall to lowest level since November
Here are today’s market moves:
S&P 500 up 1.09% to 3,871.74
Dow Jones up 1.08% to 31,055.86
Nasdaq up 1.23% to 13,777.74
Gold: $1,794
Bitcoin: $37,290
US10Y: 1.132%
What Happened?
The S&P 500 hit a record on Thursday after data showed that the 779,000 people applied for unemployment benefits last week, a decrease from the previous week.
Investors are looking for signals that the economic recovery is under way.
Investors are waiting for further moves on a new stimulus package. President Biden said he was willing to give the next round of stimulus checks to a smaller, more focused group of people who need it the most.
Vaccine rollouts are increasing in the U.S., giving people hope that later in the year there will be a sharp economic recovery.
The Bank of England Tells Banks to Prepare for Negative Interest Rates. Policymakers said they had no plans to implement negative rates to stimulate the economy, but they wanted to be prepared.
“Meme stocks” that gained popularity on Reddit and Twitter have calmed in recent days. GameStop, which hit a high of $483 on January 27, is now trading near $50.
What Else?
This Week
Monday: Earnings expected from Nintendo and Warner Music Group.
Tuesday: Earnings expected from Amazon, Google, Alibaba, Chipotle, ExxonMobil, BP, Pfizer, and UPS; Reserve Bank of Australia’s policy decision released.
Wednesday: Earnings expected from PayPal, Spotify, and Sony.
Thursday: Weekly jobless claims; Earnings expected from Ford, Pinterest, Snap, and Clorox.
Friday: January U.S. payrolls report and unemployment rate released.